中国地质大学学报(社会科学版）

在实体经济与数字经济深度融合的背景下，企业如何通过外部治理机制推动数实技术融合，已成为提升创新能力和竞争力的关键问题。然而，作为重要的制度性外部治理工具，ESG评级披露对数实技术融合的影响，现有研究仍缺乏系统的实证研究。本文基于企业专利引用网络构建数实技术融合指标，以“ESG评级首次披露”作为准自然实验，利用2012—2023年中国A股制造业上市公司数据，采用双重差分模型识别其因果效应。研究发现，ESG评级披露显著提升了企业数实技术融合水平，该结论通过多项稳健性检验后依然成立。机制检验表明，ESG评级披露可通过缓解融资约束与增加研发投入两条路径促进融合。异质性分析表明，该作用在大规模企业、地方国有企业和非国企、数字基础设施水平较高地区的企业及绿色和新兴制造业企业中更为显著。本文从企业外部治理视角，揭示了ESG评级披露可通过资源获取与创新驱动双通道促进数实技术融合的内在机理，为完善ESG制度体系、推动制造业数实技术融合提供了启示。

In the context of the deep integration of the digital economy and the real economy, how enterprises can promote the integration of digital-physical technologies through external governance mechanisms has become a key issue in enhancing innovation capability and competitiveness. However, as an important institutional external governance tool, the impact of ESG rating disclosure on the integration of digitalphysical technologies still lacks systematic empirical evidence. This paper constructs a digital-physical technology integration index based on corporate patent citation networks and takes the “first disclosure of ESG ratings” as a quasi-natural experiment. Using data from Chinese A-share listed manufacturing companies from 2012 to 2023, it employs a difference-in-differences model to identify its causal effects. The study finds that ESG rating disclosure significantly enhances the level of digital-physical technology integration in enterprises, and this conclusion is supported by multiple robustness checks. Mechanism tests indicate that ESG rating disclosure can promote integration through two channels: alleviating financing constraints and increasing R&D investment. Heterogeneity analysis shows that this effect is more pronounced in large-scale enterprises, local state-owned enterprises and non-state-owned enterprises, enterprises in regions with higher levels of digital infrastructure, and green and emerging manufacturing enterprises. From the perspective of external corporate governance, the paper reveals for the first time that ESG rating disclosure can promote digitalphysical technology integration through the dual channels of resource acquisition and innovation-driven strategies, providing insights for improving the ESG system and promoting the integration of digital-physical technologies in the manufacturing sector.